Some Altcoins experience price recovery in the cryptocurrency market, and there was a major liquidation as short traders experience losses. Solana (Sol) traders with a lack of assets have seen relatively intense liquidation over the past 24 hours.
Short sellers were crushed as Solana led the liquidation
According to Coinglass data, Sol witnessed $14.69 million in total liquidation over the period.
Solana’s liquidation trend shows a major imbalance as short position traders registered losses of more than five times as long as long traders.
Investors who lacked the price of Sol lost $12.53 million following a coin rebound, while long-time traders lost only $2.16 million.
According to data from CoinmarketCap, Sol’s price has increased by 4.85% to $124.34 at the time of this writing. Solana’s jump from the $117.62 low is considered impressive, with market participants hoping to maintain momentum. If momentum is maintained, the price could violate the $130 resistance level.
The significant rebounds resulted in overexposure for short traders and associated losses. However, the numbers also suggest that more risk-loving futures traders believe in the potential of Sol’s rally. This trend was featured in a surge in trading volumes from market participants.
Crypto rebounds as market sentiment changes
Interestingly, market rebounds have affected not only Solana Short Traders, but also other Altcoins, including XRP. During the same period, XRP liquidation was $5.22 million.
Of this volume, long position traders lost $1.84 million, while those who lacked XRP experienced a loss of $3.38 million.
Cons These common losses on the part of traders could have been caused by bear feelings in the broader financial markets.
The market mood has become pessimistic as the impact of the currently suspended trade tariffs hit the financial space.
The digital currency market has witnessed an increase, with total market capitalization increasing by 1.41% over the past 24 hours.
